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<p>This study investigates the influence of Reddit community on Bitcoin market performance by introducing the Reddit Sentiment Index (RedditSI) as a tool to measure sentiment among Reddit users. The index was crafted based on the Bitcoin-related subreddits and classified with the Flair NLP model. Statistical analysis, including correlation, cointegration and causality tests, revealed significant relationships between RedditSI and BTC exchange characteristics (price, returns, absolute returns, volatility and volume), both in the short and long term. The findings highlight the importance of ongoing sentiment monitoring for investors, regulators and researchers to better understand the link between human psychology and cryptocurrency markets.</p>

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The relationships between RedditSI and BTC exchange characteristics: Do Reddit users still control the market?

  • 期刊论文

  • 发表日期：

    2025年1月17日

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  • Valeriia Baklanova

摘要

This study investigates the influence of Reddit community on Bitcoin market performance by introducing the Reddit Sentiment Index (RedditSI) as a tool to measure sentiment among Reddit users. The index was crafted based on the Bitcoin-related subreddits and classified with the Flair NLP model. Statistical analysis, including correlation, cointegration and causality tests, revealed significant relationships between RedditSI and BTC exchange characteristics (price, returns, absolute returns, volatility and volume), both in the short and long term. The findings highlight the importance of ongoing sentiment monitoring for investors, regulators and researchers to better understand the link between human psychology and cryptocurrency markets.